Finance Act 2021 – Usual Benefits and Major Challenges

INTRODUCTION

Finance Bill 2021 may seem usual. But 2 possibly devastating changes await. The lesser is Cukai Makmur on companies with Chargeable Income exceeding RM100 million. The greater amendment is in respect of Foreign Income remitted into Malaysia which presently enjoys Schedule 6 exemption.

In addition, this webinar will cover certain issues relating to Transfer Pricing within Finance Act 2020.

COURSE OUTLINE

Section 1:  Personal Reliefs

1. Fees to Childcare Centres and Tertiary Education
2. Deductions for Personal Computers and Smartphones
3. Relief for Electric Vehicle Charging

Section 2:  Taxation of Corporate Bodies – Part A

1. Extended Rental Deduction, and Renovation Expenses
2. Revised treatment of loss brought forward
3. Extension of Qualifying Period for Rebates

Section 3:  Taxation of Corporate Bodies – Part B

1. When does Cukai Makmur arise?
2. What bodies does this tax affect?
3. Computation of Cukai Makmur

Section 4:   Removal of Exemption of Foreign Income for Residents

1. The impact of this Exemption-removal
2. What must you declare? When?
3. The role of the “Suci Hati” Period January 2022 to June 2022.
4. What happens after June 2022?

PROFILE(s)

Vincent Josef began his career with the Inland Revenue Board in 1968 and over the next 35 years, he served in various Branches. Prior to his retirement, he was with the Operations Division of the Board Headquarters where he held the position of Assistant Director General. In addition, He has wide experience in lecturing at IRB events and Malaysian professional institutions including Chartered Tax Institute of Malaysia, Malaysian Institute of Accountants, CPA Australia, MAICSA and Commerce Clearing House (CCH) Malaysia. With his 50 years’ experience in the field of taxation, he also manages his own practice providing taxation consultancy services focusing on Tax Audits and Investigations. He has written a book “Tax Audit and Investigation Guide – Malaysia” published by CCH Malaysia and served as their Consultant Editor in respect of the Malaysian Master Tax Guide.